News

A permit-ready development site near Cronulla Beach in Sydney’s south has sold for $11.1 million with a short 35-day settlement. Agents only closed the expressions of interest campaign for 3-5 Parramatta Street, Cronulla, on April 23. With eight offers received, it found a buyer by mid-May. Configured with two double-storey apartment blocks, the 1530 square

Luxcon Developments intends to create a prestige apartment complex out of an East Melbourne building it is picking up off-market for c$30 million opposite Fitzroy Gardens. The nine level B-grade office on the site had been owned by Run Property founder Nathan Cher via Yentaprises Pty Ltd, since 2002. The purchaser is also acquiring it

Another collection of shops in South Melbourne’s Clarendon Street has sold – bringing the tally of publicly reported deals since last November to $8.967 million. In the latest transaction, Terraplex sold 344 Clarendon Street and 57 Emerald Hill Place for $1.7m – a 4.32 per cent yield. Last November, the same vendor traded the neighbouring

Collective Capital has spent c$20 million on a low-rise office on a big block in central Frankston – a bayside activity centre 41 kilometres south east of Melbourne. The quoted net annual income for 454-472 Nepean Highway is $1.24m. Factoring in its 22 per cent vacant, the passing yield is approximately 6.2pc. The off-market deal

A double storey office in Yarraville’s industrial centre has sold for $4.577 million to an interstate investor. The standalone commercial building, tenanted as a West Gate Tunnel Project office, traded on a 5.4 per cent yield. The marketing agency said 75 enquiries were received. On a 4454 sqm corner site, 4 Cawley Road contains 1642

Mair Property Funds has purchased two suburban offices, in Melbourne and Perth – completed the renovation of one, and successfully closed the $60.6 million flagship trust which will hold them – in what has been a busy few months. The most valuable asset, 6-8 Compark Circuit in Mulgrave (pictured, top and right), is MPF Diversified

ASX listed Aspen Group – which comprises Aspen Group Limited and Aspen Property Trust – has acquired a small build-to-rent investment on the Gold Coast. The 9388 square metre site at 4 Fleay Court, Burleigh Heads, includes 18 townhouses, developed in 2004 – marketed for their water views and potential to be refurbished. It was

Stockland has found an occupier for part of a logistics complex it has created out of the former O-I Glass headquarters in St Marys. Shaw Fabrics has leased 5,540 square metres within one of three buildings on the 12-hectare site now known as Forrester Distribution Centre. The window-blind material manufacturer has committed for an initial

Vic Investments Management Group is paying Australia Post $26 million for a distribution centre bordered by houses and a shopping centre, in Brisbane’s Underwood. The government first listed the warehouse at 1677 Beenleigh Road early last year with a six month leaseback. Based on the annualised net rent it offered ($2.05m) – the VIMG deal

Melbourne based ASX-listed online enterprise Kogan has paid $4.4 million for the Matt Blatt business. The high-end furniture brand collapsed in late March – one of several retailers to do so in the fortnight following the introduction of social distancing measures in Australia – and shut its 12 stores. Founded in 1981, the Drexler family

Three days was all it took for former global managing partner of mining and metals executive search firm, Heidrick and Struggles, Jim Hayman, and his wife, Kerri, to sell their contemporary mansion in Melbourne’s ritzy Armadale. Opposite Victory Square, 14-16 Ashleigh Road is believed to have traded for about $3.8 million. Built in 2010 –

Villa Maria Catholic Homes is paying $8.2 million for a development site in Box Hill. The not-for-profit intends to build an aged care complex specialising in dementia and palliative care on the 5047 square metre block at 110 Albion Road, abutting both Gardiners Creek and RHL Sparks Reserve, in a leafy part of the suburb,

The Cadzow family is selling the freehold of a prominent South Melbourne hotel formerly tenanted to Dixon Hospitality Group and before that, revered chef, Sean Donovan. Wayside Inn at 446 City Road, on the north west corner of Ferrars Street, is expected to trade for more than $3.8 million. The vendors acquired the pub in the

Seven West Media is selling its Perth headquarters to a special purpose Primewest trust following a $75 million off-market deal. The Osborne Park facility occupied by West Australian Newspapers and TVW7 is trading with a 15 year leaseback. Based on the vendor’s starting net annual rent ($4.3m), Primewest Media Trust is buying it on a

Australia Post has rented a 6500 square metre portion of Charter Hall’s Kewdale Distribution Centre in south east Perth. The occupier needed the space to handle increased freight movement coming as a consequence of the current economic environment, according to JLL’s Andrew Fife, who is marketing the property with colleague Nick Goodridge. It is the

Telstra is targeting townhouse builders with its latest listing, in Melbourne’s south east Hampton Park. The land behind Lyndhurst Exchange is expected to sell for more than $425,000 following a deadline private sale campaign closing on June 4. The vendor is offering the battle-axe shaped block at 104 Robjant Street with concept plans for three

The North Melbourne terrace owned and until recently occupied by Media Arts Lawyers is for private sale asking $1.4 million. Daniel Johns, Gotye, Kylie Minogue, RÜFÜS DU SOL, Tame Impala and Vance Joy are some of the artists the firm has acted for. Social media personalities including chef Matt Preston and Australian Idol contestant turned

Pace Development Group intends to build a high-end office on part of an east Melbourne site once controlled by Lexus of Blackburn and well before that, cordial maker Cottee’s General Foods. At 160 Whitehorse Road, Blackburn, the proposed six-level complex will contain 8,318 square metres of area. The average office floor-plate will be 1200 sqm

Frasers Property Industrial has secured another tenant at its Braeside Industrial Estate, under construction on a 23 hectare site picked up from businessman Lloyd Williams’ Hudson Conway in early 2018. DKSH Australia, an Asia Pacific focused market expansion service provider in the healthcare sector, has leased a 6823 square metre space (outlined, image, top) with

Visy has sold a Penrith manufacturing plant for $17.25 million with a leaseback. The 4.2 hectare site, 126 Andrews Road, is trading to Sydney based private investor Sandran Property Group. The purchaser owns other commercial real estate in the suburb and elsewhere in Sydney’s west, at Homebush and Bankstown. Based on the starting annual rent